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mREIT Dynex Capital Prices Fixed-to-Floating Rate Preferred–UPDATE

UPDATE–the OTC Grey Market temporary ticker is DXPBN. Thanks to Bob-in-Thailand for being on this.

Dynex Capital (DX) has priced their previously announced fixed-to-floating rate preferred.

The company is selling 4 million shares plus 600,000 for over allotment with an initial fixed rate of 6.90%. The coupon will float starting 4/15/2025 at the rate of 3 Month Libor plus 5.461%.

The issue is unrated and will be cumulative but not qualified.

The permanent ticker will be DX-C when it begins to trade on the permanent exchange.

Issue will trade OTC immediately, but the temporary ticker has not been announced as of this minute-we will post it when it is announced.

The company will redeem their DX-A 8.50% perpetual preferred with the proceeds of this new offering.

The pricing term sheet can be read here.

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